The Better Business Bureau states that half of small businesses couldn't stay profitable for more than a month if they lost their critical data. Surveying approximately 1,000 business in North America the BBB studied cybersecurity effectiveness from a framework/standards perspective, best practices and cost-benefit analysis.
1,000 businesses were surveyed (over 70% U.S. and over 20% from Canada, 0.1% from Mexico) of which over two-thirds were BBB Accredited Businesses, the BBB focused on cybersecurity standards/frameworks, best practices, and cost-benefit analysis. One major finding of the study was that the NIST Cybersecurity Framework, a voluntary framework, is coming mandatory in some markets. The BBB states "not only are many companies requiring it of their vendors for procurement, but many businesses are adopting because it helps them run a better business".
Now that the NIST CSF is in the spotlight and is swiftly gaining support, the BBB goes further to emphasize the need for cost-benefit analysis and education or training around the framework.
Bill Fanelli, CISSP and Chief Security Officer at the BBB stated "Small business owners get it. When we asked them about the most common cybersecurity threats – ransomware, phishing, malware – they know what’s out there, and most of them have basic protections in place. For instance, 81% use antivirus software and 76% have firewalls. But one of the most cost-effective prevention tools, employee education, is used by fewer than half of the companies we surveyed. Other prevention measures scored even lower.”
Interested in the NIST Cybersecurity Framework and its building support? Thinking about implementing this set of best practices in your own organization? Join us for our upcoming Halloween webinar where industry experts who were involved in the creation of the Cyber Framework will cover steps to simplify it on a practical level for any organization. Register below!
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